If you want to lead a hospital, medical office, or medical clinic, you may want to consider completing an MBA (Master of Business Administration) with a Healthcare Management concentration. Upon graduation, you will set yourself apart as someone who is more than capable of properly managing any type of healthcare organization.

Demand for those who hold an MBA in Healthcare Management is incredibly strong. As a result, salaries are also very appealing. According to the U.S. Bureau of Labor Statistics (BLS), demand for these types of professionals will rise by 17% between 2014 and 2024. Additionally, they have set the average annual salary at $94,500, with the top 10%, which almost exclusively hold the MBA in Healthcare Management, earning at least $165,380.

According to the BLS, salaries also vary greatly depending on where someone works. The best place to work would be a hospital (state, local, or private), with average earnings of $102,060. By contrast, the lowest-paying areas are residential care and nursing facilities, with average earnings of $78,540. However, those figures do also include those who only hold a bachelor’s degree.

Salary by Job Title

Once you hold an MBA in Healthcare Management and Administration, there are numerous job opportunities available to you. Many of these opportunities are not available at entry level but are certain positions that you can grow into. Average salaries for the most popular jobs include:

Director of Operations, with earnings of between $77,336 and $146,429 per year

Practice Administrator, with earnings of between $53,083 and $110,000 per year

Practice Manager, with earnings of between $40,830 and $82,020 per year

Executive Director, with earnings of between $58,175 and $133,977 per year

Nursing Home Administrator, with earnings of between $65,217 and $111,852 per year

Healthcare Administrator, with earnings of between $47,509 and $135,190 per year

Chief Nursing Officer, with earnings of between $107,442 and $209,524

Salary by Years of Experience

The more experience someone has, the more they are likely to earn as well. As such:

Those with one year or less experience earn an average annual salary of $54,980 per year.

Those with one to four years of experience earn an average annual salary of $60,151 per year.

Those with five to nine years of experience earn an average annual salary of $72,696 per year.

Those with 10 to 19 years of experience earn an average annual salary of $92,310 per year.

Those with over 20 years of experience earn an average annual salary of $104,966 per year.

Salary by Employer

It will come as no surprise that different employers also pay very different salaries. As such, where you get to work once you have completed your degree program will also have a significant influence on how much you will earn. Some of the most popular employers include:

Tenet Healthcare Corporation, paying an average of $135,000 per year

Dignity Health, paying an average of $130,000 per year

HCA Physician Services, paying an average of $130,000 per year

Kaiser Permanente, paying an average of $117,600 per year

HCA, Inc., paying an average of $105,000 per year

UPMC Presbyterian UPMC, paying an average of $102,999 per year

Piedmont Healthcare, paying an average of $95,000 per year

Indian Health Services, paying an average of $91,572 per year

Memorial Sloan Kettering Cancer Center, paying an average of $88,580 per year

The Hospital for Special Surgery, paying an average of $84,000 per year

Sutter Health, paying an average of $78,000 per year

Molina Healthcare, Inc., paying an average of $77,339 per year

Memorial Hermann Healthcare System, paying an average of $73,130 per year

United Health Group, paying an average of $72,935 per year

OptumHealth, Inc., paying an average of $70,000 per year

Accentcare, Inc., paying an average of $70,000 per year

U.S. Air Force, paying an average of $65,000 per year

Indiana University Health, paying an average of $62,836 per year

Cleveland Clinic Health Systems, paying an average of $54,000 per year

San Luis Valley Regional Medical Center, paying an average of $45,000 per year

This list provides a clear picture of how widely varied salaries can actually be. What you do also have to keep in mind, however, is that many of these employers offer other benefits, growth opportunities, training and development, and more. Hence, the salary is only a small element of the overall picture.

Salary by City

Geographical location is also an important factor in determining how much someone can earn with an MBA in Healthcare Management and Administration. Generally speaking, salaries tend to be significantly higher in areas where the cost of living is also higher. As such:

Those working in Denver, CO, earn an average of $101,931 per year

Those working in New York, NY, earn an average of $93,682 per year

Those working in Dallas, TX, earn an average of $86,232 per year

Those working in Houston, TX, earn an average of $80,899 per year

Those working Chicago, IL, earn an average of $76,711 per year

Those working in Atlanta, GA, earn an average of $74,412 per year

Those working in Austin, TX, earn an average of $65,661 per year

Salary by Gender

A final interesting point is that there is a strong gender pay gap within this sector. This often comes as a surprise to people, as the field of health care is generally seen as a female orientated profession. Yet, starting salaries for women average at $43,797, whereas that of a man is $49,677. The average top salary for a woman is $103,315, whereas that of a man is $110,844.

Judging from the above, it can be very difficult to determine just what the salary is for someone with an MBA Healthcare Management and Administration degree. It is widely accepted, however, that no matter where you work or in which city, no matter how much experience you have, and no matter what your gender is, the best positions to hold are Hospital CEO (average earnings of $166,000 per year), Hospital Administrator (average earnings of $110,000 per year), Hospital CFO (average earnings of $155,000 per year), Pharmaceutical Product Manager (average earnings of $92,000 per year), Medical Practice Manager (average earnings of $81,000 per year), or Health Informatics Manager (average earnings of $84,000 per year). Either way, when you choose to get involved in the field of healthcare management and administration, an interesting, varied and incredibly lucrative career will await you.

Take the First Step

In an increasingly global, competitive marketplace, having MBA-level management and leadership skills are absolutely critical to your career progression. An accredited Online MBA will provide the opportunity to better serve your current company or business.

Use our website to learn about all of the accredited online MBA options available to you today.

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